Toffee Launches Insurance for Millennials

Toffee, the mobile-first, digital-only insurance platform launches, delivering insurance policies customized to millennials’ lifestyle-related risks.

With Toffee the entire user experience is digital via a progressive web app for a frictionless experience. Intelligent algorithms at the back-end offer speed and personalization, on average reducing purchase time to 90 seconds, along with simple claim processing in under two hours.

What makes Toffee different:

• Delightful UX
  • End-to-end digital experience that leverages technology for policy issuance and servicing
  • Simple product language delivered via seamless user experience
• Curated Products & Community Engagement
  • De-bundled products that are contextualized, easy to understand, with low price on-the-go purchase.
  • Toffee has a unique distribution approach, serving as a bridge between communities by connecting groups and individuals with similar interests and risk profiles.
• Personalization through Data
  • With granular and deep data capture, Toffee will be able to analyze, predict and customize product offerings that reduce incremental risk for this young demographic. 
  • Third party integrations & analytics to personalize offerings

Products at launch: Pricing ranges between INR 600 - INR 1500

• Anti-Dengue Toffee - A policy for the treatment for Dengue.
• Commuters Toffee - A policy for daily commuters exposed to accidents.
• Globetrotter Toffee - A policy for international travel without market/regional exclusions.

Additional product roll out will take place over the next three months, expanding the offering to include Renters Toffee, Backpacker Toffee, and Stay Fit Toffee.

Rohan Kumar, Co-Founder and CEO, Toffee said – “Using behavioral and real-time data, Toffee has been designed to create personalized and relevant product offerings to essentially disrupt how one thinks about insurance.”

Nishant Jain, Co-Founder and CPO, Toffee said - “We saw a gap in the insurance industry from the outside. Insurance needed a completely new avatar in structure and packaging for the new generation. With our experience in the digital environment, we developed a new means of insurance for this audience.’